"FCA, LLB, CIA, CISA"
Get an opinion on the consignment sales and transfer of ownership in goods under GST. Explore the implications and considerations surrounding this topic.
Gross neglect of Footwear Sector by Finmin/GST council- Fallout of NN 21/2021 CT(Rate) How can it be forgotten that one upon a time, Footwear ruled India, literally!! When Lord Ram refused to return at the behest of Shri Bharat, his footwear were taken to Ayodhya and were enthroned as a Ruler, until Lord Rama returned […]
The RCM provisions make it incumbent upon the ‘recipient’ of goods or services to discharge the tax liability, instead of the regulation supplier/vendor. While we are well versed with the provisions of S.9(3) and 9(4) of the CGST Act, 2017 as also S.5(3) and 5(4) of the IGST Act,2017, it is worthwhile to trace the origins of this ingenious concept introduced by the taxing authorities, which was though of to curb the menace of ‘MTIC’ (Missing Trader Intra-Community) or ‘Carousel’ frauds.
All about Dynamic QR Code on B2C invoices- Latest Notification No. 06/2021 – Central Tax Dated- 30th March, 2021 The QR Story:- The story started for QR code as early as 28/June/2019, when for the first time, ‘QR’ found a mention in the Rule 46, as its 6th proviso. Interestingly, notification 31/2019 (CGST 4th Amendment […]
This part 2 will deal with FOB contracts of import, in which Freight component is separate and identifiable, as it is not included in the value of goods. The Importer pays the freight to the Shipping Line either directly or through his appointed CHA (Clearing House Agent), which is subject to RCM u/s 5(3) of the IGST Act, 2017.
Foreword: This is the first part of a 2-part write-up, that shall explore the RCM taxation of Ocean freight. This part -1 shall deal with CIF contracts, in which the freight component is unknown to an importer, followed by FOB. Part -1 – CIF Contracts of Import of goods, RCM on. Presently, ocean freight is […]
E-invoicing/QR Code on invoices- Latest NN 05/2021 did. 8/3/2021 -The Specter of Notifications Opening Remarks: To the one who has tracked the E invoice and QR’s nascency and adolescence, cannot help be ‘sadly amused’ by the ironical twists and histrionics of the ‘Notification Apparition’. The turn of events, as will be discussed in the following […]
Before coming to the topic, let’s stop and ponder over what is happening around us. Budget has been laid, with Fiscal Deficit for 2020-21 at 9.70%, a tiny notch below 10%. This means spending pressures did mount upon the government due to the virus, with no respite in sight. Neighborhood is in turmoil and we […]
Background: Pre GST regime allowed consignment sale to Consignees as well as stock transfers (against Form ‘F’ within the same PAN, but different VAT TIN’s). This made business easier and in tune with the intent of not transferring the ownership in goods to the consignee. Needless to say, the Insurable Interest rested with the Consignor/Transferor, […]
